Grayscale's Chainlink Trust (GLINK) is currently trading at a 223% premium, indicating that institutional investors are particularly eager to get their hands on the digital asset investment product.
He trust offers institutions a way to gain exposure to the native asset of decentralized oracle provider Chainlink (LINK) without investing directly in the crypto asset.
GLINK is selling for $44.11 per share as of this writing, with each share offering exposure to around 0.93 LINK, an amount that is currently only worth $13.62. Grayscale's product is up about 120% in the last month.
The trust's huge gains have materialized, while LINK itself has outperformed the vast majority of the crypto market. The 12th-ranked digital asset by market cap is trading at $14.95 at the time of writing and is up nearly 13% in the last 24 hours, up over 28% last week, and up over 105%. last month.
In comparison, the overall crypto market capitalization has increased by around 25% in the last 30 days.
Pseudonymous crypto analyst The Flow Horse saying Recently, LINK might be starting its uptrend.
“[People are] worried about buying LINK… because they feel like they missed out. I think between $11.00 and $8.50 will seem like a rounding error if we're talking a year or two years into the future as the crypto market continues to grow.”
Pseudonymous analyst Rekt Capital, however, says LINK is likely to fall around the $11 level at some point to retest its previous resistance line, which it claims was recently broken.
"Previous revisions to the monthly bearish macro trend ended in bullish wicks, so a retest of the bearish macro trend as support may be necessary to confirm further continuation of the uptrend, especially if a red rejection occurs soon. ".
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